Rubber gains from two-month low as Chinese demand may increase | Bangkok Post: business

Business > News

Rubber gains from two-month low

- +

Rubber recovered from an almost two-month low on bets that demand from China, the world's largest user, may increase as buyers return from a week-long holiday. 

The contract for March delivery on the Tokyo Commodity Exchange advanced as much as 1.3% to 257.5 yen a kilogramme ($2,652 a metric tonne) and traded at 255.4 yen at 11.06am local time. The price touched 253.8 on Oct 4, the lowest intra-day level since Aug 8. Futures slid 5.9% last week, the worst for a most-active contract since the five days through May 24.

The Shanghai Futures Exchange will reopen on Tuesday after National Day holidays. Rubber inventories in Qingdao, China's main hub for the commodity, fell to 283,100 tonnes as of Sept 16 from a record 371,000 tonnes on April 26, according to the Qingdao International Rubber Exchange. China may step up buying to replenish stockpiles, said Kazuhiko Saito, an analyst at broker Fujitomi Co in Tokyo.

This article is older than 60 days, which we reserve for our premium members only.You can subscribe to our premium member subscription, here.

0 people commented about the above

Readers are urged not to submit comments that may cause legal dispute including slanderous, vulgar or violent language, incorrectly spelt names, discuss moderation action, quotes with no source or anything deemed critical of the monarchy. More information in our terms of use.

Please use our forum for more candid, lengthy, conversational and open discussion between one another.

  • Latest
  • Oldest
  • Most replied to
  • Most liked
  • Most disliked

    Click here to view more comments